Guaranteed Issue Critical Illness Insurance
Guaranteed Issue Critical Illness plan is a boon for those people who can’t get a regular CI policy due to pre-existing medical conditions. These conditions make those individuals un-insurable. These plans are called non-medical plans because insurance company doesn’t ask any medical questions, blood test, urine test and no medical record is checked with the family doctor or specialist. In some cases there is a health declaration which an individual is required to be signed and policy gets issued with immediate effect.
When it comes to the critical illness, surviving could be very challenging as one has to take lots of financial burden but for some this is not a case because they are well prepared in advance. One can always guard him or herself from a catastrophic illness with a guaranteed issue critical illness which is a simple, accessible and affordable protection tool. Guaranteed issue Critical Illness policy will pay after 30 days following a diagnosis of specified critical illness like cancer, heart attack, stroke or coronary bypass or aortic surgery. Once the person gets diagnosed for any of the critical illnesses, lump sum benefit of quite a considerable amount is paid directly to the insurer.There will be less financial worries and the person will be able to focus on the important aspect that is the full and speedy recovery.The protection is very easy as no medical checking or questionnaire has to be filled up.
Manulife- The Lifecheque Basic Critical Illness plan
We may not be able to predict our future, but we can be prepared for it. The Lifecheque Basic Critical Illness plan covers five of the most common critical illnesses and conditions: cancer, heart attack stroke, coronary artery bypass surgery or aortic surgery.
Clients who are Canadian residents between the ages of 18 and 65 years are eligible to apply for Lifecheque Basic Critical Illness Insurance.
- Your client can choose from $25,000, $50,000 or $75,000 coverage.
- The $25,000, $50,000 or $75,000 benefit is paid directly to your client, to spend however they wish – such as to pay medical expenses, retrofit their home, alleviate debt, or travel.
- Applying is easy – no medical questionnaire is required. A declaration of good health is all that is needed.
- Premiums are based on your client’s age, gender and smoking status. The younger they are when they apply, the lower their premiums will be. Non-smokers enjoy premium savings with rates up to 50% lower than those for smokers.
- Health Service Navigator® – With Health Service Navigator, your client and their eligible family members can quickly and easily get answers to questions and access to support services. Easily accessible on the web or with a simple call to a dedicated toll-free line, Health Service Navigator can provide information, medical coordination services and resources on how to navigate the Canadian health care system. Health Service Navigator will also help get a second opinion from a world-class hospital.
- Return of Premium Option – If your client is between 18 and 55 years of age, they can add this option at the time of initial application. Manulife will reimburse the premiums paid, up to 100% of their benefit amount, if they reach their 75th birthday without making a claim. This means that, depending on the coverage your client selected, they could receive up to $25,000, $50,000 or $75,000.
- Once covered, your client can keep their Lifecheque Basic Critical Illness coverage up to age 75, regardless of any changes in their health or occupation.
What conditions are covered?
A defnite diagnosis of a tumour characterized by the uncontrolled growth and spread of malignant cells and the invasion of tissue. The diagnosis of cancer must be made by a specialist.
A defnite diagnosis of the death of heart muscle due to obstruction of blood fow, that results in a rise and fall of biochemical cardiac markers to levels considered diagnostic of myocardial infarction, with at least one of the following:
- heart attack symptoms
- new electrocardiogram (ECG) changes consistent with a heart attack, or
- development of new Q waves during or immediately following an intra-arterial cardiac procedure including, but not limited to, coronary angiography and coronary angioplasty.
The diagnosis of heart attack must be made by a specialist.
Stroke (Cerebrovascular Accident)
A defnite diagnosis of an acute cerebrovascular event caused by intra-cranial thrombosis or hemorrhage, or embolism from an extra-cranial source, with:
- acute onset of new neurological symptoms
- and new objective neurological defcits on clinical examination
persisting for more than 30 days following the date of diagnosis. These new symptoms and defcits must be corroborated by diagnostic imaging testing. The diagnosis of stroke must be made by a specialist.
Coronary Artery Bypass Surgery
The undergoing of heart surgery to correct narrowing or blockage of one or more coronary arteries with bypass graft(s). The surgery must be determined to be medically necessary by a specialist.
The undergoing of surgery for disease of the aorta requiring excision and surgical replacement of the diseased aorta with a graft. Aorta refers to the thoracic and abdominal aorta but not its branches. The surgery must be determined to be medically necessary by a specialist.
Everybody enjoys the life with success achieved so far and knowing there is so much more to come. The pace of our life is so fast and at times we aren’t quite sure how we got here – yet, we have an idea of where we want to be. Life is not a straight line yet our persistency, endurance, planning and objectivity always deliver happiness by achieving results and over time our aim is to achieve more in life. And we all have different definitions of what that looks like.
Saurabh Rattan Estate and Financial Planner (B.Com, MBA, CLU, FPSC)